Update on Financing
Beowulf Mining PLC announced that the Swedish Inspectorate of Strategic Products will discontinue its review of the proposed Strategic Investment by Bacchus Capital & Affiliates because a binding investment agreement has not been reached, and Bacchus Capital has withdrawn its application, meaning the investment will not proceed. The company is actively managing its cash and creditor positions, maintaining dialogue with Alumni Capital, and exploring various funding options.
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Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update on the Swedish Inspectorate of Strategic Products ("ISP") review of the proposed Strategic Investment by Bacchus Capital & Affiliates.
The Company understands that the ISP has confirmed to Bacchus Capital’s legal representatives, KANTER Advokatbyrå KB (“KANTER”), that without a binding investment agreement the ISP review will be discontinued. Bacchus Capital’s position, that they are unable to extend the commitments set out in the Investment Agreement for an open-ended period, remains unchanged. Bacchus Capital has, given that there is no prospect of the ISP review continuing, therefore withdrawn their application. As such, there remains no prospect of the Strategic Investment being concluded.
The Company is continuing to carefully manage its cash and creditor position, is maintaining an open and constructive dialogue with Alumni Capital and is continuing to review a range of potential interim and longer term funding options as previously announced.
Further updates will be provided as appropriate.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.